Evaluate May's Theory in Terms of Its Function as Philosophy,science,and

question 18

Essay

Evaluate May's theory in terms of its function as philosophy,science,and art.

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Definitions:

Thorstein Veblen

A prominent American economist and sociologist known for his theories on the social implications of economic behaviors, particularly conspicuous consumption and leisure class.

Benjamin Franklin

A founding father of the United States, known for his contributions to the fields of science, politics, and economics.

MPC

Marginal propensity to consume (MPC) represents the ratio of the change in consumer spending to the change in income, showing how much income will be spent rather than saved.

APS

Average Propensity to Save; the fraction of total income that is saved by the economy or an individual at a certain time.